The Real Deal Miami

US foreclosures double in 2nd Q

July 25, 2008 07:53AM

U.S. foreclosure filings more than doubled in the second quarter compared to last year, according to RealtyTrac. Bank seizures increased by 154 percent in the year’s first half, compared to the same period last year. Nevada, California, Arizona, Florida, Colorado, Ohio, Michigan, Georgia, Massachusetts and Illinois had the most foreclosure filings. Foreclosures have pushed home values down by about 6 percent and will cause a decline of 15 percent by the end of next year, according to a report by Lehman Brothers’ economists Ethan Harris and Michelle Meyer.